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GHFHPEUD  X VOHGH`HP
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UD]YRGX 11
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.RUHNWXUD 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
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1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36  'LUHNFLMD ]D GL


VWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH MH QD RP VDVWDQNX NRML MH RGU
CDQ  JRGLQH X %HRJUDGX XVYRMLR

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3UHGORCHQD UH^HZD VX X VNODGX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L


]DGRYRTDYDMX ]DKWHYH VLJXUQRVWL IXQNFLRQDOQRVWL L HNRQRPLaQRVWL
AODQRYL 7HKQLaNRJ VDYHWD
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(OHNWURGLVWULEXFLMD %HRJUDG
 'UDJDQ %DONRVNL (36 %HRJUDG
 PU -RVLI 6SLUL` (OHNWURGLVWULEXFLMD /HVNRYDF
 PU 1HQDG .DWL` (OHNWURYRMYRGLQD 1RYL 6DG
 0LORVDY )LOLSRYL` (OHNWURVUELMD .UDTHYR
 0LRGUDJ 3DYNRYL` (OHNWURWLPRN =DMHaDU
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 .RQVWDQWLQ #LYNRYL` (OHNWURGLVWULEXFLMD 1L^
 .VHQLMD %DUDF(OHNWURGLVWULEXFLMD %HRJUDG
 0LURVODY 0DUNRYL` (OHNWURSULYUHGD &UQH *RUH 1LN^L`
 'UDJL` 1LNROL` (OHNWUR^XPDGLMD .UDJXMHYDF
 6ORERGDQ .XMRYL` (OHNWURNRVPHW 3UL^WLQD
 9ODMNR 0XZDV (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ 0LTNRYL` (OHNWURGLVWULEXFLMD 9UDZH
 7RPLVODY %RMNRYL` (36  'LUHNFLMD ]D GLVWULEXFLMX
 )HGRUD /RQaDUHYL` (36  'LUHNFLMD ]D GLVWULEXFLMX
 .UVWR #LCL` (36  'LUHNFLMD ]D GLVWULEXFLMX
AODQRYL 5DGQH JUXSH
 0LRGUDJ .LURYL` ´(OHNWURGLVWULEXFLMD´ %HRJUDG
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 ?RU_H *OL^L` ´(OHNWURGLVWULEXFLMD´ %HRJUDG
 'HVLPLU %RJL`HYL` ´(OHNWURVUELMD´ .UDTHYR
 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

GHFHPEDU 

PDUW  7(+1,A.$ 35(3258.$ 


(/(.752',675,%8&,-$ 65%,-( 73Y

1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36D  'LUHNFLMD ]D


GLVWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH MH QD RP VDVWDQNX NRML MH
RGUCDQ  PDUWD  JRGLQH X %HRJUDGX GRQHR RGOXNX XVYDMD VH

7(+1,A.$ 35(3258.$ EUY


678%1$ 75$16)250$7256.$ 67$1,&$
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3UHGORCHQD UH^HZD VX X VNODGX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L
]DGRYRTDYDMX ]DKWHYH VLJXUQRVWL IXQNFLRQDOQRVWL L HNRQRPLaQRVWL

AODQRYL 7HKQLaNRJ VDYHWD


 PU 0LODGLQ 7DQDVNRYL` 3UHGVHGQLN 7HKQLaNRJ VDYHWD
(OHNWURGLVWULEXFLMD %HRJUDG
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 PU $OHNVDQGDU -DZL` (OHNWURGLVWULEXFLMD /HVNRYDF
 'UDJDQ %DONRVNL (36 %HRJUDG
 'UDJDQ 1RYDNRYL` (OHNWURGLVWULEXFLMD %HRJUDG
 'HVLPLU %RJL`HYL` (OHNWURVUELMD .UDTHYR
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 0LRGUDJ 0LTNRYL` (OHNWURGLVWULEXFLMD 9UDZH
 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD
 0LWDU $OHNVL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^
 6YHWR]DU *ODPRaOLMD (3 5HSXEOLNH 6USVNH %DZD /XND
 #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG
 =ODWLERU 3DYORYL` (OHNWURWLPRN =DMHaDU
 %UDQNR -DN^L` (OHNWURVUELMD >DEDF
 )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

AODQRYL 5DGQH JUXSH


 ?RU_H *OL^L` ´(OHNWURGLVWULEXFLMD´ %HRJUDG
 'HVLPLU %RJL`HYL` ´(OHNWURVUELMD´ .UDTHYR
 $OHNVDQGDU 0RJLQ ´(OHNWURYRMYRGLQD´ 1RYL 6DG
 'X^DQ 0DMVWRURYL` ´(OHNWURVUELMD´ .UDTHYR
 #LYRUDG &YHWNRYL` (OHNWURGLVWULEXFLMD 1L^
 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

0DUW 

 7(+1,A.$ 35(3258.$ PDUW 


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2YD WHKQLaND SUHSRUXND 73 VH RGQRVL QD WLSL]DFLMX RVQRYQLK SDUD
PHWDUD L HOHPHQDWD GLVWULEXWLYQH VWXEQH WUDQVIRUPDWRUVNH VWDQLFH
X GDTHP WHNVWX 676  QD]QDaHQLK VQDJD HQHUJHWVNLK WUDQVIRUPDWRUD
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676 VH NRULVWL SUYHQVWYHQR ]D SULJUDGVND L VHRVND QDVHTD
=D SULYUHPHQD L LQWHUYHQWQD UH^HZD NRULVWH VH 676 SUHPD 73ÂJ
676 NRMD VH SULNTXaXMH QD PUHCX  N9 L]YRGL VH VDPR ]D QD]QDaHQH
VQDJH  N9$ L  N9$

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IRUPLUD RG SUHIDEULNRYDQLK HOHPHQDWD NRML RPRJX`XMX EU]X L MHGQR
VWDYQX PRQWDCX D L]UD_XMX VH RG PDWHULMDOD NRML QH ]DKWHYDMX SRVHEQR
RGUCDYDZH 6WXE L RVWDOD RSUHPD 676 WUHED GD EXGX WDNYLK GLPHQ
]LMD L WHCLQD GD QH ]DKWHYDMX VSHFLMDOQD YR]LOD L YH`H DXWRGL]DOLFH
]D WUDQVSRUW L PRQWDCX
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• 676  ]D LQVWDOLVDQX VQDJX (7D GR  N9$
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PRUD GD VH YRGL UDaXQD SRUHG RVWDORJ GD VH SUHNR QLVNRQDSRQVNH
PUHCH SUHQHVH RGJRYDUDMX`D VQDJD X] SDG QDSRQD RG QDMYL^H  QD
NUDMX YRGD
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PDWHULMDOD NRML QH SRGUCDYDMX JRUHZH L NRML QH ]DKWHYDMX SRVHEQR
RGUCDYDZH NDR ^WR VX
• EHWRQ SUL aHPX VH NRULVWH VWXERYL SUHGYL_HQL ]D XJUDGZX X PUHCX
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3UHSRUXaXMH VH NRUL^`HZH SUHIDEULNRYDQLK WHPHTD DOL MH GR]YR
THQD L L]UDGD WHPHTD QD OLFX PHVWD 8 WHPHT VWXED WUHED GD VH
SRVWDYH SODVWLaQH FHYL ∅  PP ]D SURYODaHZH YRGD ]D X]HPTHZH
VWXED LOL NDEOD 33 [ PP NRML VH NRULVWL ]D SRYH]LYDZH QHX
WUDOQH WDaNH (7D VD X]HPTLYDaHP UDGQRJ X]HPTHZD 2YH FHYL WUHED
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GHOD NRML VH VNODSDMX QD OLFX PHVWD

PDUW  7(+1,A.$ 35(3258.$ 


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3UHSRUXaXMH VH GD VYL aHOLaQL HOHPHQWL EXGX ]D^WL`HQL RG NRUR]LMH


YUX`LP FLQNRYDZHP VD VORMHP FLQND RG QDMPDZH  JP DOL MH
GR]YRTHQ L QHNL GUXJL HILNDVDQ L HNRQRPLaDQ QDaLQ ]D^WLWH
6WDEOR DOXPLQLMXPVNRJ VWXED QD GHOX NRML VH XOLYD X WHPHT WUHED GD
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GR]YRTHQLP YUHGQRVWLPD WURID]QLK VLPHWULaQLK VWUXMD VQDJD
NUDWNRJ VSRMD RG QDMPDZH
•  N$  09$ QD VDELUQLFDPD  N9
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•  N$  09$ QD VDELUQLFDPD  N9
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PRCH GD EXGH
• SRMHGLQDaQR QD VDPRP VWXEX 676
• JUXSQR QD SRVHEQRP VWXEX SUHNR OLQLMVNH VNORSNHUDVWDYTDaD QD
]QDaHQH WUDMQH VWUXMH  $ L QD]QDaHQH PR`L SUHNLGDZD SUL IDN
WRUX VQDJH FRVϕ  UHGD QDMPDZH  $ QD QDSRQX  N9 RGQRVQR
QDMPDZH UHGD  $ QD QDSRQX  N9 SUL aHPX VH SUHNR VNORSNH
UDVWDYTDaD PRCH GD QDSDMD YL^H WUDQVIRUPDWRUVNLK VWDQLFD aLMD
XNXSQD LQVWDOLVDQD VQDJD QH VPH GD SUH_H  N9$ VO 
5DVWDYQR PHVWR X PUHCL  N9 MH REDYH]QR SRMHGLQDaQR QD VWXEX 676
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6O  *UXSQR UDVWDYQR PHVWR ]D YL^H 76


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• ]D 676  L 676  VD aHWLUL QLVNRQDSRQVND L]YRGD L L]YRGRP
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GD VH SUHGYLGL PRJX`QRVW XJUDGZH GHPRQWDCQLK OHVWYL RGQRVQR GH
PRQWDCQH SODWIRUPH ]D SRVOXCLYDZH ]D 676  L 676 
0RQWDCQH OHVWYH LOL SODWIRUPD QLVX REDYH]QH DNR VH LQWHUYHQFLMH
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 35(3258.( =$ ,=%25 /2.$&,-( 676


 .RG L]ERUD ORNDFLMH ]D 676 WUHED YRGLWL UDaXQD
• GD 76 EXGH SRVWDYTHQD ^WR MH PRJX`H EOLCH WHCL^WX RSWHUH`HZD
• GD SULNTXaQL YRGRYL EXGX ^WR NUD`L D UDVSOHW YRGRYD ^WR MHGQR
VWDYQLML
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• R PRJX`LP RSDVQRVWLPD RG RGURZDYDZD L NOL]DZD WHUHQD EXMLFD
SRYU^LQVNLK LOL SRG]HPQLK YRGD LWG
• R SULVXVWYX SRG]HPQLK L QDG]HPQLK REMHNDWD L LQVWDODFLMD X RNUX
CHZX 76 NDR FHYRYRGD WRSORYRG YRGRYRG NDQDOL]DFLMD LWG  77
YRGRYD LWG
 8GDTHZH 676 RG VXVHGQLK REMHNDWD ]JUDGD WUHED GD EXGH QDMPDZH
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 32'$&, =$ 678% , 0(+$1,A., 3525$A81 678%$


 6WXE 676 WUHED GD LVSXQL ]DKWHYH WHKQLaNLK SURSLVD ]D L]JUDGZX
QDG]HPQLK HOHNWURHQHUJHWVNLK YRGRYD ]DKWHYH 73D L ]DKWHYH RYH
SUHSRUXNH
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]DGRYRTHQL ]DKWHYL X SRJOHGX GR]YRTHQLK VLJXUQRVQLK YLVLQD L
XGDTHZD
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XUD_HQ ]D QR^HZH RSUHPH 676 VD XQDSUHG PRQWLUDQLP HOHPHQWLPD
QRVDaL NRQ]ROH VWH]DTNH ]D X]HPTHZH LWG NRMLPD VH RPRJX`DYD
MHGQRVWDYQD PRQWDCD RSUHPH L (7D D SR SRWUHEL L SODWIRUPD ]D
SRVOXCLYDZH 0H_XWLP GR]YRTHQD MH L XSRWUHED VWXED NRML VH
QRUPDOQR NRULVWL X PUHCL  N9  N9  N9 LOL  N9 DNR LVSXZDYD
XVORYH NRMH 676 LPD X PUHCL NDGD VH (7 L RVWDOD RSUHPD PRQWLUDMX
SRPR`X SRVHEQLK QRVDaD NRQ]ROD REXMPLFD LWG
1D VO D GDW MH SULPHU ^HPDWVNRJ UDVSRUHGD RSUHPH 676  NRMD
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1D VO E GDW MH SULPHU ^HPDWVNRJ UDVSRUHGD RSUHPH 676  LOL
676  NRMD VH PRQWLUD QD OLFX PHVWD QD VWDQGDUGQL EHWRQVNL VWXE
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PDUW  7(+1,A.$ 35(3258.$ 


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6O D >HPDWVNL UDVSRUHG RSUHPH 676 

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PLQ  P

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6O E >HPDWVNL UDVSRUHG RSUHPH 676  L 676 

PDUW  7(+1,A.$ 35(3258.$ 


(/(.752',675,%8&,-$ 65%,-( 73Y

 8 VWDWLaNRP SRJOHGX VWXE PRUD GD ]DGRYRTL GRGDWQH ]DKWHYH V


RE]LURP QD L]PHZHQX QDPHQX VWXED X PUHCL L XWLFDM RSUHPH NRMD VH
PRQWLUD QD VWXE
6WXE NRQVWUXNFLMD VWXED PRCH GD VH XSRWUHEL ]D QR^HZH RSUHPH
676 DNR MH QRPLQDOQD VLOD VWXED YH`D RG ]ELUD UH]XOWDQWQH YU^QH
VLOH NRMD SRWLaH RG YLVRNRQDSRQVNLK L QLVNRQDSRQVNLK YRGRYD NRML VH
SULNTXaXMX QD 676 L KRUL]RQWDOQH YU^QH VLOH NRMD SRWLaH RG (7D
GRN VH ]D SUDNWLaQH SURUDaXQH XWLFDM RVWDOH RSUHPH QD YU^QX VLOX
]DQHPDUXMH ,] UD]ORJD VLJXUQRVWL SUL VNLGDZX (7D YUHGQRVW
UH]XOWDQWQH YU^QH VLOH NRMD SRWLaH VDPR RG YLVRNRQDSRQVNLK L
QLVNRQDSRQVNLK YRGRYD QH VPH GD EXGH YH`D RG QRPLQDOQH VLOH VWXED
VOXaDM EH] (7D 
9UHGQRVW KRUL]RQWDOQH YU^QH VLOH NRMD SRWLaH RG (7D X VPHUX
PRQWDCH (7D L]UDCHQD X GHNDZXWQLPD GD1  SULEOLCQR MH MHGQDND
YUHGQRVWL QD]QDaHQH VQDJH (7D L]UDCHQH X NLORYROWDPSHULPD N9$ 
1D SULPHU KRUL]RQWDOQD YU^QD VLOD NRMD SRWLaH RG (7D QD]QDaHQH
VQDJH  N9$ L]QRVL RNR  GD1 X VPHUX PRQWDCH (7D
 3ULKYDWDZH SURYRGQLND QLVNRQDSRQVNLK YRGRYD QD VWXE 676
L]YRGL VH QD YLVLQL RG QDMPDZH  P L]QDG WOD 'R]YRTHQR MH GD VH
QLVNRQDSRQVNL YRGRYL QDOD]H L]QDG LOL LVSRG (7D VO 
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7HPHTHZH SRVWRMH`HJ VWXED X PUHCL QD NRML VH PRQWLUD RSUHPD 676
SURYHUDYD VH QD XVORYH NRUL^`HZD VWXED ]D L]PHZHQX QDPHQX

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GLUHNWDQ SULNTXaDN (7D QD YRG  N9 LOL  N9 WDaND  
2GYDMDZH (7D VD YLVRNRQDSRQVNH PUHCH L]YRGL VH SUHNR UD]YH]LYLK
VWH]DTNL D SUHSRUXaXMH VH NRUL^`HZH OLQLMVNH VNORSNHUDVWDYTDaD
NDR ]ELUQRJ UDVWDYQRJ PHVWD WDaND  
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 7URSROQL UDVWDYTDa ,(&  QD]QDaHQRJ QDSRQD  N9  N9 L 
N9 QD]QDaHQH WUDMQH VWUXMH  $
 7UL RGYRGQLND SUHQDSRQD QD]QDaHQRJ QDSRQD  N9  N9 L  N9
QD]QDaHQH VWUXMH  N$ 2GYRGQLFL SUHQDSRQD VH PRQWLUDMX L]PH_X
YLVRNRXaLQVNLK RVLJXUDaD L UDVWDYTDaD VOE L Y  7DNR VH
HILNDVQR ^WLWL (7 RG DWPRVIHUVNLK SUHQDSRQD D ]DPHQD R^WH`H
QLK RGYRGQLND MH PRJX`D EH] LVNTXaHZD QDSRMQRJ YRGD
.RULVWH VH PHWDORNVLGQL =Q2 RGYRGQLFL ,(&  LOL YHQWLOQL
RGYRGQLFL ,(&  SUHQDSRQD
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SUHPD WDEHOL 

 7(+1,A.$ 35(3258.$ PDUW 


(/(.752',675,%8&,-$ 65%,-( 73Y

 6SRMQL PDWHULMDO L SULERU XCH $Oa SUHVHND QDMPDZH NDR YLVRNRQD
SRQVNL YRG SRWSRUQL LOL NDSDVWL L]RODWRUL SULNTXaQH VWH]DTNH
]D GYD YLMND L RGJRYDUDMX`H SDSXaLFH $NR VH ]D SULNTXaDN QD UD
VWDYTDa RGQRVQR QD YLVRNRQDSRQVNH L]RODWRUH (7D NRULVWH EDNDU
QH VWH]DTNH WUHED GD VX SRFLQNRYDQH HOHNWUROLWLaNLP SRVWXSNRP
GHETLQH VORMD FLQND  µP   µP L SDVLYL]LUDQH 6SRM SDSXaLFH L
SURYRGQLND L]YRGL VH JZHaHZHP
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800

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PDUW  7(+1,A.$ 35(3258.$ 


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 7(+1,A.$ 35(3258.$ PDUW 


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PDUW  7(+1,A.$ 35(3258.$ 


(/(.752',675,%8&,-$ 65%,-( 73Y

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 7(+1,A.$ 35(3258.$ PDUW 


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PDUW  7(+1,A.$ 35(3258.$ 


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 7(+1,A.$ 35(3258.$ PDUW 


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PDUW  7(+1,A.$ 35(3258.$ 


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